Verkada raises $80m at $1.6B valuation, enters $7B access control market
Verkada, provider of cloud-based enterprise video security, secured $80M in Series C financing at a $1.6B valuation, raising its valuation by over $1B just nine months after their Series B. The funding comes from existing investors Next47, Sequoia Capital, Meritech Capital and new investor Felicis Ventures. Verkada will use the capital to accelerate its growth in three key areas: expanding its product suite, accelerating global expansion, and growing its engineering team.
Since launching commercially two years ago, Verkada has become the enterprise video security provider for over 2,500 organizations, including twenty-five global Fortune 500 companies. In the past year, the company:
- Tripled revenue, with existing customers making up half of the purchases.
- Opened its first international office in London.
- Grew headcount by 3x to 300, with plans to reach 800 by the end of 2020.
- Expanded its global channel partner program to over 1,100 resellers.
- Launched nine new camera models and several key features like People & Vehicle Analytics.
“Our customers rely on their security systems to protect their most valuable asset: their people. Yet despite the critical nature of enterprise video security, most companies still rely on antiquated systems that don’t offer the benefits that a software-first solution can provide,” said Filip Kaliszan, CEO and Co-Founder of Verkada. “Verkada’s onsite security products and cloud-based software give security and IT professionals more visibility into potential security risks within their organizations, whether they have a single building or thousands of globally distributed locations. Visibility enables them to do what they’re best at – taking action.” Kaliszan sees Verkada as being “the essential physical security software layer for every building, and the foundation of a larger enterprise IoT infrastructure.”
As the next step to fulfilling this vision, today Verkada announced a new line of access control products. Video security and access control have traditionally been stand-alone products; bringing them together provides many new ways to improve building security. With dozens of beta customers already live and 1.7 million of access events managed, Verkada plans to make this product commercially available in the spring of 2020.
“The benefits of integrating video security and access control extend beyond the simplicity of day-to-day management. We’re able to scale the system quickly without infrastructural overhead. This new-found efficiency allows teams to stay lean without compromising on security. The path to innovation is clear, and Verkada is sprinting in the right direction,” shared Ryan Hamrick, Head of Real Estate at Virtual Kitchen Co.
Verkada encourages interested customers to participate in the beta by applying at verkada.com/access-control/
More information can be found on the Verkada website.